ERS Capital: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ERS Capital
Largest movements
- Tangible fixed assets +€319,335
up €319,335 (+13.7%), from €2.3m to €2.7m
of which Land and buildings: +€223,274
- Deferred charges and accrued income +€76,201
up €76,201 (+373%), from €20,420 to €96,620
- Debts after one year +€175,899
up €175,899 (+10.6%), from €1.7m to €1.8m
- Reserves +€158,266
up €158,266 (+52.5%), from €301,691 to €459,956
of which Distributable reserves: +€158,266
- Tax, wage and social debts +€48,951
up €48,951 (+72.6%), from €67,454 to €116,405
- Other debts -€42,250
down €42,250 (-20.6%), from €205,029 to €162,780
- Gross operating margin +€61,879
up €61,879 (+17.5%), from €354,591 to €416,470
- Taxes +€18,327
up €18,327 (+25.1%), from €73,027 to €91,354
- Other operating charges +€11,117
up €11,117 (+133%), from €8,345 to €19,462
- Depreciation +€8,173
up €8,173 (+8.2%), from €99,910 to €108,083
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,454,152 | €2,842,572 | +€388,419 | +15.8% |
| Fixed assets | 21/28 | €2,335,315 | €2,654,650 | +€319,335 | +13.7% |
| Tangible fixed assets | 22/27 | €2,335,315 | €2,654,650 | +€319,335 | +13.7% |
| Land and buildings | 22 | €2,281,544 | €2,504,817 | +€223,274 | +9.8% |
| Plant, machinery and equipment | 23 | €4,003 | €2,741 | -€1,262 | -31.5% |
| Furniture and vehicles | 24 | €49,769 | €147,092 | +€97,323 | +196% |
| Current assets | 29/58 | €118,837 | €187,921 | +€69,084 | +58.1% |
| Stocks and contracts in progress | 3 | €1 | €1 | = | 0.0% |
| Stocks | 30/36 | €1 | €1 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,145 | €10,927 | -€16,217 | -59.7% |
| Trade receivables | 40 | €26,946 | €8,692 | -€18,253 | -67.7% |
| Other amounts receivable | 41 | €199 | €2,235 | +€2,036 | +1,022% |
| Cash at bank and in hand | 54/58 | €71,272 | €80,373 | +€9,100 | +12.8% |
| Deferred charges and accrued income | 490/1 | €20,420 | €96,620 | +€76,201 | +373% |
| Total equity and liabilities | 10/49 | €2,454,152 | €2,842,572 | +€388,419 | +15.8% |
| Equity | 10/15 | €320,291 | €478,556 | +€158,266 | +49.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €301,691 | €459,956 | +€158,266 | +52.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €301,691 | €459,956 | +€158,266 | +52.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €2,133,862 | €2,364,015 | +€230,154 | +10.8% |
| Amounts payable after more than one year | 17 | €1,660,655 | €1,836,554 | +€175,899 | +10.6% |
| Financial debts | 170/4 | €1,660,655 | €1,836,554 | +€175,899 | +10.6% |
| Amounts payable within one year | 42/48 | €467,207 | €510,047 | +€42,839 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €188,525 | €213,000 | +€24,475 | +13.0% |
| Financial debts | 43 | €2,262 | €0 | -€2,262 | -100% |
| Credit institutions | 430/8 | €2,262 | €0 | -€2,262 | -100% |
| Trade debts | 44 | €3,937 | €17,862 | +€13,925 | +354% |
| Suppliers | 440/4 | €3,937 | €17,862 | +€13,925 | +354% |
| Taxes, remuneration and social security | 45 | €67,454 | €116,405 | +€48,951 | +72.6% |
| Taxes | 450/3 | €67,454 | €116,405 | +€48,951 | +72.6% |
| Other amounts payable | 47/48 | €205,029 | €162,780 | -€42,250 | -20.6% |
| Accrued charges and deferred income | 492/3 | €6,000 | €17,415 | +€11,415 | +190% |
| Non-recurring operating income | 76A | €0 | €33,540 | +€33,540 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,910 | €108,083 | +€8,173 | +8.2% |
| Other operating charges | 640/8 | €8,345 | €19,462 | +€11,117 | +133% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €354,591 | €416,470 | +€61,879 | +17.5% |
| Operating profit (loss) | 9901 | €246,335 | €288,925 | +€42,589 | +17.3% |
| Financial income | 75/76B | €0 | €156 | +€156 | |
| Recurring financial income | 75 | €0 | €156 | +€156 | |
| Financial charges | 65/66B | €36,004 | €39,462 | +€3,457 | +9.6% |
| Recurring financial charges | 65 | €36,004 | €39,462 | +€3,457 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €210,331 | €249,619 | +€39,289 | +18.7% |
| Income taxes | 67/77 | €73,027 | €91,354 | +€18,327 | +25.1% |
| Profit (loss) for the period | 9904 | €137,304 | €158,266 | +€20,962 | +15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €137,304 | €158,266 | +€20,962 | +15.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.